there are downsides, big downsides to walking away. carman, the author of "the real cost of living" has tips. first, take a look at all your mortgage modification options. talk with your lender and ask about modification. you can talk to a counselor. at the department of housing and urban development site. she says there's another option, consider renting out your home while offering it for short sale. >> wouldn't that impact your credit in a way? couldn't it destroy your credit? >> it could. john of smartcredit.com gives the harsh realities.could. and johns says you should remember that walking away from your home is reported as a foreclosure or deed in lieu of foreclosure. either one of those will stay on your credit report for seven years. he says you will most likely not be able to get a mortgage for seven years, and if it's considered a strategic default, it could be considered for 11 years. if you are planning to foreclose, make sure you secure another place to live, most likely a rental before your credit takes that hit. >> that